WORLD’s largest security services provider G4S plc (formerly Group 4 Securicor) is acquiring realty major DLF group’s security firm TerraForce, confirmed top executives of both the companies. The England-based security services giant is routing the transaction through its wholly-owned Indian subsidiary G4S India. The deal size could not be ascertained but an industry executive said it will be very small.
G4S regional managing director Rupal Sinha said stated, “The acquisition will allow G4S to support and meet various security challenges that DLF and other companies face.” She, however, did not divulge transaction details. The buyout will be in phases, said a person with direct knowledge of the development. “While G4S will pay some amount upfront, the remaining will be paid over five years,” he said.
The DLF group had set up the in-house security firm TerraForce two-and-a-half years ago for the purpose of providing security to its own office buildings and malls. The security firm currently employs around 1,500 people.
When contacted DLF Commercial Developers chairman AS Minocha said, “It is always our endeavour to provide the best services to occupants of our various developments and believe that G4S is well-equipped to do so.” As per industry estimates, the domestic security services industry is growing 25-30% y-o-y and is close to Rs 8,000 crore currently. Frequent terrorist attacks within the country and social unrest in some parts has perked business for private security service providers. Besides, mushrooming condominiums and malls have also led to a surge in demand for security, say experts.
The Public Gambling Act, 1867 also known as the "Gambling Act" is the primary law which governs gambling in India. However, the state legislatures, under the Constitution of India, are currentl More
Helplinelaw can set up your session with quality and experienced lawyers to discuss and resolve your legal matters. You can avail consultation in form of sending questions, phone call or webchat discussion More